Cheyenne Corporation purchased machinery on January 1, 2022, at a cost of $260,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $31,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Part 1 Your answer is partially correct. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balan using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost Depreciation Rate Annual Depreciation Expens 2022 $ $ % $ 2023 % 2024 % 2025 % $ End of Year Accumulated Depreciation Book Value $ CA $ DOUBLE-DECLINING-BALANCE DEPRECIATION Computation Years Book Value Beginning of Year Depreciation Rate = Annual Depreciation Expense Accumu 2022 $ 50 % $ $ $ 2023 50 % 2024 50 % 2025 50 % 1,500 $ $ Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. End of Year Accumulated Depreciation Book Value $ $ $